Same as in suggested system in this thread.
But w/o adding of split dmg on weapons. And opposing damage type deals HP dmg after shredding at least 1% of armor not after shredding full armor.
Yes, it is similar to your suggested system, I don't dislike all parts of your idea.
I do however think your Absorb% is confusing and unintuitive to understand. You would have to keep a calculator with you to figure out how much health damage you'd do and how much armor you'd strip off.
I also absolutely dislike you adding random chance for CC back into the mix. That is why the armor system exists in the first place. Adding random chance for statuses to penetrate and you might as well not have armor at all and just change all the skills back to a random chance to inflict CC.
And your system also is somewhat like a combined or one-armor system since it seems like all of both armors need to be stripped off completely before a status has a 100% chance to land. That actually FORCES a mixed party instead of merely allowing or encouraging one, because an all-physical team can no longer reliably land physical status effects as long as the enemy has magical armor remaining. And forcing a mixed party is just as bad as forcing a non-mixed party.
Non RNG tactic = 10 possible decisions
Tactic with RNG = 100 possible decisions
Um. Is that supposed to be a point in FAVOUR of RNG? Because it's actually the opposite. Not many people are able calculate 100 possible outcomes for every scenario in their head, and most would give up after a handful.